Annual report pursuant to Section 13 and 15(d)

LEASES

v3.24.0.1
LEASES
 12 Months Ended
Dec. 31, 2023
Leases [Abstract]  
LEASES LEASES
The Company leases office space under operating lease agreements that have initial terms ranging from 1 to 12 years. Some leases include one or more options to exercise renewal terms, generally at the Company's sole discretion, that can extend the lease term. Certain leases contain rights to terminate whereby those termination options are held by either the Company, the lessor, or both parties. These options to extend or terminate a lease are included in the lease term only when it is reasonably certain that the Company will exercise that option. The Company’s leases generally do not contain any material restrictive covenants.
All leases recognized in the Company's Consolidated Balance Sheets as of December 31, 2023 and 2022 are classified as operating leases, which include leases related to the asset classes reflected in the table below. ROU assets are included in other assets in the Company's Consolidated Balance Sheets.
2023 2022
Office leases $ 65,273  $ 74,603 
Equipment —  57 
Total right-of-use assets $ 65,273  $ 74,660 
Office leases $ 75,832  $ 85,892 
Equipment —  85 
Total lease liability $ 75,832  $ 85,977 
The following table summarizes the components of the Company's gross operating lease costs incurred during the years ended December 31, 2023 and 2022:
  2023 2022
Operating lease cost $ 24,919  $ 26,085 
Short-term lease cost 5,141  3,374 
Variable lease cost 4,236  4,664 
Total lease cost $ 34,296  $ 34,123 
The weighted-average lease term and discount rate used are as follows:
December 31,
2023 2022
Weighted-average lease term (years) 5.1 5.7
Weighted-average discount rate 4.1  % 4.0  %
The following table summarizes supplemental cash flow information related to operating leases:
2023 2022
Cash paid for operating leases 25,682  15,972 
Right-of-use assets obtained in exchange for new operating lease liabilities
 12,199  16,008 
Minimum future commitments by year for the Company's long-term operating leases as of December 31, 2023 are presented in the table below. Such commitments are reflected at undiscounted values and are reconciled to the discounted present value recognized in the balance sheet as follows:
Amount
2024 $ 22,721 
2025 16,491 
2026 11,978 
2027 9,748 
2028 8,415 
Thereafter 14,477 
Total future minimum lease payments 83,830 
Less: imputed interest (7,998)
Total lease liabilities $ 75,832